If you had active listings before the recent NAR Settlement practice changes, you might be wondering how to ensure your listings are compliant. The NAR Settlement introduced new rules that require Realtors to disclose that “Brokerage compensation is not set by law and is fully negotiable” to clients during transactions. To help you navigate these changes, Florida Realtors have introduced a couple of new forms designed to make compliance easy.
Compensation Disclosure Statement New Florida Realtors Forms
The newly released Compensation Disclosure Statement is a straightforward form that helps Realtors meet the new disclosure requirements. It’s a simple document that can be sent to clients with active listings. The best part? It doesn’t need to be signed, just delivered! When you send it, make sure to record the date and method of delivery at the bottom of the form. This small step ensures you’ve met the compliance standards without adding much extra work to your day.
Modification to Listing Agreement New Florida Realtors Forms
For those who also need to modify the terms of the Listing Agreement, Florida Realtors has also released a more detailed form which is a revision to the Modification to Listing Agreement. This document not only includes the required disclosure language but also offers options to adjust other aspects of your Listing Agreement, such as the Termination Date, Compensation, Cancellation Fee, and more. If your Listing Agreement was established before the NAR Settlement changes took effect, using this form can help you ensure everything is up-to-date and make any other changes that you may need.
Why This Matters
Compliance isn’t just about following the rules—it’s about maintaining trust with your clients. By providing these disclosures, you’re not only adhering to legal requirements but also reinforcing transparency and professionalism in your practice. If you have questions about the new forms or any other aspect of the NAR Settlement, reach out to your trusted real estate attorney!
